Following today’s historic announcement that Raphael Bostic will serve as the first African American and openly-gay president of a regional Federal Reserve Bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, applauded the Federal Reserve Bank of Atlanta and the Board of Governors for taking the long-awaited first step towards building diversity among the Federal Reserve’s senior leadership:
“Mr. Bostic is an outstanding choice. His wealth of experience and research on wealth disparities and barriers to economic opportunity will play a critical role in shaping the economic policy decisions that affect all American families.
“Given the disparate economic experiences faced by key demographic groups, it is crucial that a broader cross-section of groups have a seat at the decision-making table. I congratulate Mr. Bostic on his appointment and encourage the Federal Reserve Bank of Richmond, working with the Board of Governors, to build on today’s announcement by conducting the genuine and intentional efforts needed to build diversity at the Fed and ensure its senior leaders reflect the interests of America as a whole.”
Ranking Member Waters has been a leading advocate for increased diversity within the Federal Reserve System. Waters has previously written to Chair Yellen as well as the Federal Reserve Banks of Richmond and Atlanta calling for an inclusive search process that ensures minority, gender, and occupationally diverse candidates are considered to serve as presidents of the regional Federal Reserve Banks.